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Low-cost carrier JetBlue Airways Corp. on Wednesday said it would restate earnings higher this year to correct accounting related to airport rent expenses and the way it handled passenger revenue.
The New York-based airline said earnings for the first six months of 2005 would be increased by $300,000, or 1 cent a share. JetBlue has reported earnings of 18 cents a share during the first half of the year.
JetBlue said it needed to make the accounting adjustments to reflect rent expenses under operating leases containing provisions with minimum rent escalation, depreciation expenses for leasehold improvements and the inadvertent recognition of passenger revenue related to unpaid ticket reservations.
Shares of JetBlue closed unchanged at $18.44.
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